Core Insights - The essence of growth investment is to adapt to changes, requiring continuous learning and understanding of industry trends [1][2] - Liu Bin's investment strategy is based on deep industry research, focusing on long-term growth and the combination of cyclical and growth sectors [1][2] Investment Philosophy - Liu Bin believes that short-term market pricing is often efficient, but there are discrepancies in long-term industry trend understanding, leading to early investment opportunities [2] - The investment portfolio is characterized by a "large-cap growth" style, avoiding stocks with a market capitalization below 100 billion [2] - Liu Bin emphasizes the importance of industry penetration rates and technological advancements, identifying significant returns during phases of rising penetration [2] Portfolio Management - The investment approach includes diversifying across multiple sectors with favorable economic conditions to capture various industry trends [3] - Liu Bin maintains a balanced allocation across different industry stages, with the top ten sectors comprising around 60% of the portfolio [3] Focus on Core Competitiveness - The future source of excess returns is expected to come from the continuous release of engineer dividends, with China having advantages in engineer numbers and R&D costs [4] - R&D investment is a critical metric for stock selection, alongside cost control capabilities, which encompass supply chain management and production efficiency [5] Sector Focus - Liu Bin's expertise lies in the "technology manufacturing" sector, with a focus on hard tech industries such as TMT, electronics, new energy, and automotive [6] - The automotive sector, particularly in electric vehicles, is seen as a significant growth area, with Chinese brands poised for substantial profits [6] - The AI industry is also a key focus, with an emphasis on domestic computing power and storage, as well as the potential of robotics as a transformative industry [7]

来源：惠投研报 策略专题 | 图表 28: 中证 A500 和全指 ROE(TTM) | | --- | | 图表 29: 全球主要指数 PE (TTM) . | | 图表 30: 中证 A500和全格段息率(TTM) | | 图表 31: 中证 A500 等指数收益率及风险指标 . | | 图表 32: 规模靠前的 A500 场内 ETF一覽 - | | 图表 33: 南方中证 A500ETF 介绍 . | 破请阅读本报告正文后各项声明 3 | 1. 沪指再上 4000点,这次不一样 | | --- | | 2. 中国经济乘风破浪岗效跃升 | | 2.1. 工程师红利加速释放 . | | 2.2. 新质生产力逐勃发展 . | | 2.3. 产业竞争力不断加强 . | | 3. A 股市场生态重塑长牛启航 . | | 3.1. 资本市场生态重要 | | 3.2. 中长期资金历史性入场 | | 3.3. 居民财富的跨市场迁换 | | 4. 中证 A500 指数 -- 中国资产的容采 | | 4.1. 代表性 . | | 4.2. 先进性 . | | 4.3. 因序化 . | | 4.4. 收益性 . | | 4 ...

来源：六里投资报 在近日华安基金投资策略会上，基金经理胡宜斌以"聚焦工程师红利，布局投资未来"为题，分享了他对 2026年的投资展望。 胡宜斌是投资报长期跟踪、较早向市场推荐的TOP30基金经理之一。 | 基金代码 | 基金名称 | 任职日期 | 基金规模 | | 任职回报 任职年化 | 今年以来 | | --- | --- | --- | --- | --- | --- | --- | | | | | (亿元) | (%) | (%) | (%) | | 001071.OF | 华安媒体互联网混合A | 2015-11-26 | 65.52 | 259.12 | 13.55 | 28.59 | | 006879.OF | 华安智能生活混合A | 2019-05-08 | 23.62 | 199.07 | 18.02 | 40.12 | | 007460.OF | 华安成长创新混合A | 2019-06-27 | 17.51 | 171.20 | 16.66 | 39.49 | | 001694.OF | 华安沪港深外延增长灵活配置混合A | 2022-01-26 | 34.26 | 17.14 | 4.15 ...

摘要 2025年权益市场表现亮眼，沪指10月一度突破4000点，我们认为此次突破与过去两轮显著不同，一是本 轮突破用时超过1年，是健康的震荡慢牛；二是推动本轮突破的最重要的力量来自以信息技术为代表的 新质生产力；三是本轮市场整体以及各个行业估值水平大多显著低于上一轮。根本原因是当前中国经济 质效跃升和A 股市场生态重塑，从股权风险溢价、PE(TTM)、证券化率、A股市值/居民存款余额等指标 看，本轮牛市可能仍未走完。 中国经济乘风破浪质效跃升。工程师红利加速释放、持续研发投入和创新能力提升下新质生产力的蓬勃 发展、产业竞争力不断加强，是中国经济长期、高质量发展的基础，是中国资产重估和震荡慢牛持续的 底气和信心。 A 股市场生态重塑长牛启航。资本市场生态重塑，新"国九条"核心从融资端改革转向投资端保护，2024 年12月政治局会议、2024年中央经济工作会议将"稳住股市"提升至国家政策层面，并强调"增强资本市 场制度的包容性、适应性"，同时政策大力推动中长期资金入市，新金融工具准则、"长钱长投"新规破 除险资入市障碍，中长期资金有望抬升权益市场运行中枢；低利率环境带来新一轮资产荒，居民股票和 基金配置比例仍有明 ...

Group 1 - The report highlights that the recent rise of the Shanghai Composite Index above 4000 points is significantly different from previous instances, characterized by a prolonged period of over one year for this breakthrough, indicating a healthy slow bull market driven primarily by new productive forces represented by information technology [9][10] - The report emphasizes that the current economic transformation in China, marked by the acceleration of the engineer dividend, continuous R&D investment, and enhanced innovation capabilities, serves as a foundation for long-term high-quality economic development and supports the ongoing asset revaluation and slow bull market [21][22] - The report notes that the A-share market is undergoing a structural transformation, with new policies aimed at stabilizing the stock market and promoting long-term capital inflows, which are expected to elevate the equity market's operational baseline [36][37] Group 2 - The report identifies the CSI A500 Index as a key asset in the Chinese market, being the second-largest broad-based index in terms of ETF tracking scale, providing a balanced industry and market capitalization distribution that closely reflects the entire A-share market [49][54] - The CSI A500 Index is noted for its significant allocation to emerging industries such as electronics and defense, showcasing characteristics of new productive forces, and its internationalization attributes are highlighted through its high proportion of overseas revenue [54][56] - The report suggests that the Southern CSI A500 ETF offers investors a convenient opportunity to access quality Chinese assets, with its low tracking error and significant excess return rates, making it an attractive option for long-term investment [49][56]

图片来源：元宝 12月11日，中科创星旗下先导创业投资基金成功完成40.8亿元终关募集。这不仅刷新了国内早期硬科技基金的规模纪录，更在当前市场普遍低迷的背景下， 成为硬科技投资领域的一剂强心针。 "不仅是市场回暖，也是我们提前布局的结果。"中科创星创始合伙人米磊向钛媒体创投家表示。7月16日，中科创星与国家中小企业发展基金、上海国投先 导人工智能基金等19家LP完成首关签约。此次终关不仅新增了太保资本长航母基金、海淀区中关村科学城科技成长基金、蚂蚁集团等13.9亿元资金，还通过 使用科创债资金扩大出资比例，进一步深化"投早、投小、投长期、投硬科技"的差异化策略。 中科创星的LP结构全面升级为"国家级母基金+险资+产业资本+高校资本+区域资本"的多元协同格局。米磊强调："这种战略选择不仅有效规避了单一资本来 源的波动风险，也增强了基金在市场波动中的稳定性，是中科创星在硬科技投资新纪元中实现战略定力的关键支撑。" 基金自首关后，不足半年便交出了一份"高效投资答卷"。截至2025年11月底，中科创星先导创业投资基金已决策投资46笔交易，其中前两轮项目42笔，占比 超90%，重点覆盖人工智能、生物技术和颠覆性技术领域 ...

（原标题：三年培养2.6万国家战略后备人才，巨变刚刚开始） 资料图 21世纪经济报道记者王峰 北京报道 中国领先世界的"工程师红利"优势，还在不断向纵深、向尖端拓 展。 12月4日，卓越工程师培养改革座谈会召开，会议强调让更多一流高校和企业参与进来，紧扣现代化产 业体系和工程建设需要，向更多急需领域拓展。 教育部12月10日举行新闻发布会。会议披露，卓越工程师培养改革实施三年来，已建设50家国家卓越工 程师学院，校企联合招收培养工程硕博士近2.6万人，其中2000多人已经毕业走上工作岗位，首次实现 了工程硕博士有组织、成建制、大规模的校企联合培养。 卓越工程师作为国家战略人才力量，培养工作要走出象牙塔，走进生产线，将产业需求落实到人才培养 中。 卓越工程师培养改革启动三年，超常规培养取得丰硕成果。 过去，工科人才培养基本都是以高校为主，卓越工程师培养改变这一方式，引入企业创新资源，校企共 同招生，实行工学交替培养，把学生入企实践作为必备环节。 "工程硕士入企不少于1年、工程博士不少于2年，企业提供平台设备、科研条件和生活保障，让学生在 真环境中研究真问题，锻造真本领。"教育部学位管理与研究生教育司司长吴刚说。 ...

（本文原标题为 世界汽车工程师学会联合会（FISITA）终身名誉主席，清华大学教授、汽车产业与技术战略研究院（TASRI）院长赵福全：抓住"新 汽车"机遇进行战略布局） "'新汽车'是移动的空间、互联的节点、数据的载体、计算的单元、智能的终端、储/供能的装置，也是创新的载体和战略性新兴产业。未来汽车将是 继互联网时代的手机之后万物互联时代最大的'母生态'，同时也是新质生产力、新型工业化最大的抓手。"近日，在第二十届中国经济论坛平行论坛 ——"展望'十五五' 巩固车优势"现场，世界汽车工程师学会联合会（FISITA）终身名誉主席，清华大学教授、汽车产业与技术战略研究院（TASRI）院长 赵福全在主旨发言中分享了一系列新思考、新观点。 身处历史巨变的拐点 "站在历史巨变的拐点上，人类社会正在发生翻天覆地的变化；'十五五'将是一个继往开来、承前启后的重要时期。"赵福全谈道，面对百年未有之大 变局，汽车产业需要再盘点、再出发，重新进行战略布局。 "新汽车"时代将迎来革命性变革 人工智能（AI）正在给汽车产业带来一场史无前例的重大变革。 赵福全认为，汽车制造业作为现代工业"皇冠上的明珠"，在拥抱AI的大背景下，正加快进 ...

Core Viewpoint - The issuance of the technology innovation bonds by Jiuan Medical was successful, achieving an AAA credit rating and a 1.83% issuance interest rate, with an initial issuance scale of 1.05 billion yuan, reflecting market trust and recognition of the company's development [1]. Group 1: Company Overview - Jiuan Medical is primarily known for producing common household health monitoring devices such as thermometers, blood pressure monitors, and pulse oximeters, but it has diversified into home medical health products, internet healthcare, and technology investment [1]. - The company plans to invest approximately 270 million yuan in research and development in 2024, focusing on projects like continuous glucose monitoring (CGM) and AIoT diabetes home assistance [1]. Group 2: Bond Issuance Process - The company faced initial challenges in the bond issuance process, particularly regarding credit rating, but successfully communicated with rating agencies to demonstrate asset quality and financial health, ultimately achieving an AAA rating [2][3]. - The technology innovation bonds are designed to meet the financing needs of technology companies, allowing funds to be used for R&D, direct investments, and fund contributions, thereby enhancing capital turnover efficiency and reducing overall financing costs [2]. Group 3: Market Context and Challenges - Jiuan Medical's financial indicators met the requirements for issuing technology innovation bonds, and its intellectual property, including FDA approval, was considered a significant asset in the evaluation process [3]. - The company expressed concerns about the bond market's unfamiliarity, including questions about the efficiency of the issuance process and the potential for successful fundraising, which were addressed in a policy briefing organized by the China Interbank Market Dealers Association [3]. Group 4: Industry Implications - The issuance of technology innovation bonds is expected to inject new momentum into Jiuan Medical and its associated funds, accelerating the transformation of quality projects and technological achievements [4]. - The current challenge for many technology innovation companies is their asset-light operating model, which often lacks public market ratings, limiting support from traditional financing channels [4][5].

Group 1: Key Insights on Weiteou (301319) - The recommendation logic indicates that electronic assembly materials are transitioning from domestic substitution to the global market, with perfluorohexane microcapsule fireproof materials expected to see significant growth in the new energy sector [4] - The company is projected to achieve revenues of 1,557 million, 2,133 million, and 2,796 million yuan from 2025 to 2027, with growth rates of 28.5%, 37.0%, and 31.1% respectively. Net profit is expected to be 102 million, 124 million, and 153 million yuan, with growth rates of 13.8%, 21.5%, and 23.5% [4] - Key catalysts include exceeding expectations in electronic assembly material orders, auxiliary welding material shipment ratios, and perfluorohexane microcapsule material orders [4] Group 2: Insights on Pharmaceutical Industry - The core viewpoint emphasizes the potential for domestic innovative drugs to break into international markets, driven by the "engineer dividend" which enhances clinical efficiency and data quality [5] - The report suggests that the domestic innovative drug pipeline is gaining recognition from multinational corporations (MNCs), with several technical fields achieving global leadership in pipeline quantity [5] - The driving factors include exceeding expectations in business development (BD), clinical data, and commercialization in overseas markets [5] Group 3: Insights on Food and Beverage Industry - The core viewpoint suggests focusing on left-side investment opportunities in the liquor sector as it approaches a cyclical recovery, while consumer goods are expected to continue benefiting from new consumption trends [7] - The report indicates that liquor companies' performance expectations are at a low point, with signals of stock price stabilization and potential rebounds [7] - Key drivers include the bottoming out of liquor company performance expectations and the expansion into new product categories and channels [7] Group 4: Insights on A-Share Strategy - The core viewpoint advises against blind selling during market adjustments, suggesting that a systematic "slow bull" market is still in play and may enter a second phase after adjustments [8] - The report recommends focusing on the brokerage sector as a signal for potential market recovery, advocating for patience during the current market corrections [8] - Key drivers include the impact of the Federal Reserve's interest rate expectations on global markets and the need for a rebalancing of market styles in the fourth quarter [9] Group 5: Insights on Macro Economic Strategy - The core viewpoint outlines three main paths to improve the resident consumption rate: promoting employment and income stability, expanding the supply of quality consumer goods and services, and refining institutional mechanisms [11] - The report highlights the importance of the 15th Five-Year Plan in driving domestic consumption as a key economic growth engine [11] - The driving factors include the recent policy directions from the Communist Party's plenary session aimed at enhancing domestic consumption [11] Group 6: Insights on Fixed Income Market - The core viewpoint indicates that interbank liquidity is expected to remain loose in the short term, with seasonal disturbances amplifying the effects of low core reserves [12] - The report suggests that the true test of narrow liquidity may occur in the first quarter of 2026, influenced by credit slowdowns and central bank interventions [12] - Key drivers include the anticipated surge in credit in early 2026 and the market's limited understanding of the net financing outflows from major banks [12]